The company uses normal costing and applies overhead on the basis of direct labor costs. The total factory cost for the period is
Q: Under absorption costing, fixed manufacturing overhead could be found in all of the following except…
A: Under absorption costing variable as well as fixed manufacturing overheads will form part of the…
Q: nder what conditions might a company use activity-based costing to allocate factory overhead to…
A: Activity-based costing (ABC costing) is a way of assigning manufacturing overhead costs to…
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Q: Compute a predetermined manufacturing overhead rate and use it. If the company allocates overhead…
A: Manufacturing overhead: It is the indirect cost incurred as a part of manufacturing the products.…
Q: The use of a plantwide manufacturing overhead rate implies that the activities that cause overhead…
A: The Answer
Q: An allocation base is all the following, EXCEPT: O a. cannot be direct labor cost O b. is determined…
A: Manufacturing overheads are the indirect expenses related to the production, that are necessary to…
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A: Introduction: Conversion cost: In the process of conversion of raw materials stage to finished goods…
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Q: Show, using T-accounts, how production overhead is added to Work-in-Process Inventory when standard…
A:
Q: The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermin…
A: Job Order Costing Job order costing is a system that takes place when customers order small, unique…
Q: Explain how predetermined factory overhead rates are computed and why they are used to apply factory…
A: Factory overhead: Factory overhead is the indirect cost consisting of indirect material, indirect…
Q: When a manufacturing company uses direct materials, it assigns </i>the cost by debiting…
A: Answer: Option b.
Q: A factory overhead rate applied to the whole plant is based on the assumption that all overhead is…
A: The Answer
Q: Calculate activity rate for general factory overhead using direct labor hours. How much of the…
A: Activity-Based Costing: It is the method of costing which is used to assign indirect costs to the…
Q: Using Traditional Method of costing using direct labor hours as basis of applying overhead, what is…
A: Using traditional method of costing, cost of product = Prime cost + overhead cost allocated on the…
Q: You have to find out the under or over valued Manufacturing overheads for the company A and B while…
A: Formula: Over Valued MOH: Applied MOH>Actual MOH Under Valued MOH: Applied MOH<Actual MOH
Q: Under absorption costing, fixed manufacturing overhead could be found in all of the following except…
A: Absorption costing is a type of costing method, in which all costs whether fixed or variable are…
Q: Match each of the following terms with its correct definition: v job-order costing system A. A…
A: Job order costing is the costing method that determines the manufacturing overhead of each product.…
Q: Overhead costs are assigned to each product based on ________.A. the proportion of that product’s…
A: Overhead is a term used to describe ongoing business expenses that are not directly tied to the…
Q: in a job-order costing system, the application (applied MOH) of manufacturing overhead would be…
A: The question is related to Job costing. Job costing methods which is applicable where the work…
Q: e in the Work-in-Process Inventory account equals: the balance in the Finished Goods Inventory…
A: Work in Progress is referred to as the unfinished inventory that an organization possess and is…
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A: Applied manufacturing overhead cost is debited Work in process Account. Actual manufacturing…
Q: Why would a manufacturing firm switch from direct labor hours to machine hours as the cost driverfor…
A: Direct labor: Direct labor includes the wages of the employees who are directly involved in…
Q: Manufacturing overhead includes: all direct material, direct labor and administrative costs. all…
A: Manufacturing overhead also known as factory overhead which is consists all indirect cost incurred…
Q: Wright Brothers is debating the use of direct labour cost or direct labour hours as the cost…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: predetermined overhead rates
A: Predetermined overhead rates are calculated by dividing pre-estimated overhead using allocation…
Q: Determine difference between the three methods used for allocating factory overhead costs to…
A: There are three basic cost allocation methods used for allocating the cost of products: the single…
Q: In a process cost system total costs are determined when the job is compieted. costs are summarized…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: When calculating the predetermined manufacturing overhead rate, what is the correct basis of…
A: A predetermined manufacturing overhead rate is used to allocate the overhead to the particular…
Q: In a Job Costing system, which of the following contain(s) the detailed cost data that support the…
A: Solution : Dear student as per the bartleby guideline we are required to solve the first question…
Q: Comment on the following statement: “In a normal-costing system, the amounts in the Manufacturing…
A: Normal Costing: When the cost of the product is calculated by using the indirect cost based on the…
Q: Name two principal types of cost accounting systems. Which system provides for a separate record of…
A: Answer: The two principal types of cost accounting systems: 1. Job Order costing system This is the…
Q: In a process cost system total costs are determined when the job is completed. costs are summarized…
A: Process costing is an important costing system which is mostly used by manufacturing industries.…
Q: Overtime salary and Nightshift allowance are examples of _______. A. Direct Labour cost B. General…
A: Overtime salary and night shift allowance is paid to employees for working beyond prescribed working…
Q: All of the following can be used as an allocation base for calculating factory overhead rates except…
A: Factory overhead: It includes all the costs that are incurred during the process of manufacturing a…
Q: Under a job costing system, the dollar amount of the entry involved in the transfer of inventory…
A: Job costing system is the one in which cost related to each job has to be determined separately.
Q: Under the job-order costing system, the peso amount of the entry involved in the transfer of…
A:
Q: In a manufacturing company which produces barbecue and allocates overhead based on a predetermined…
A: Since the manufacturing company uses a predetermined overhead rate based on direct labor hours to…
Q: Asap Which of the following is not a factory overhead allocation method? a.activity-based costing…
A: Introduction: To distribute factory operating expenses to units of production, many cost allocation…
Q: A Company uses a job-order costing system with a single plantwide predetermined overhead rate based…
A: Total manufacturing cost is the term which is defined as the aggregate expenses in relation to all…
Q: Factory overhead
A: Factory overhead means all expenses incurred for production of goods.
Q: Required: a. Compute the predetermined overhead rate under the current method, and determine the…
A: Activity based costing (ABC) with the help of cost drivers, allocates the overheads to cost pools…
Q: A manufacturing firm produces goods in accordance with customer specifications, commencing…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Under what conditions might a company use activity-based costing to allocate factory overhead to…
A:
Q: A completed job cost record shows the unit cost of the products. How is this calculated?
A: Job cost record: The job cost record is a statement summarizing the detailed information of costs…
The company uses normal costing and applies
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- The following data were taken from the records of Jun Company for the year ended Dec. 31, 2021: Sales P5,590,000Sales returns 55,000Inventories, January 1:Raw materials 131,000Work in process 238,350Finished goods 442,000Inventories, December 31:Raw materials 145,500Work in process 175,720Finished goods 412,000Direct labor 1,050,300Purchases 2,051,500Purchase returns 17,150Purchase discounts 12,550Freight in…An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Ending $9,880 $15,510 Beginning 5,790 9,760 9,050 6,530 Costs incurred: raw materials purchases $57,720, direct labor $51,130, manufacturing overhead $23,970. The specific overhead costs were: indirect labor $7,090, factory insurance $4,160, machinery depreciation $4,900, machinery repairs $2,450, factory utilities. $3,570, and miscellaneous factory costs $1,800. Assume that all raw materials used were direct materials. ROBERTS COMPANY Cost of Goods Manufactured Schedule ROBERTS COMPANY (Partial) Balance SheetAn analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
- The following information is available for Stultz Company for the year ended December 31, 2020 $990,000 Estimated manufacturing overheads Estimated direct labour hours 180,000 $951,500 Actual manufacturing overhead Manufacturing overhead applied $962,500 What was the number of direct labour hours worked during 2020? O O 173.000 b. 175,000 180.000 d. d. 192.000 pe here to search E 71 GAt the beginning of the year, Barrington Manufacturing had the following account balances: Work-in-Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 The following additional details are provided for the year: Direct materials placed in production Direct labor incurred Manufacturing overhead incurred Manufacturing overhead allocated to production Cost of jobs completed $80,000 190,000 300,000 295,000 500,000 Write the journal entries and calculate the ending balances (you may use T accounts) for Work-in-ProcessInventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).Following are the account balances for the DC Company in 2018: Ending of 2018 27,000 Beginning of 2018 Direct materials inventory 26,500 28,400 Work-in-process inventory Finished-goods inventory 30,500 22,100 79,000 16,500 Purchases of direct materials 24,500 Direct manufacturing labor Indirect manufacturing labor 18,600 7,900 11,800 Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 3,500 87,900 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
- The following information has been collected from the cost records of P&L company for theyear ended 31st October, 2021:Direct Materials 500,000Direct Labour 400,000Direct Expenses 40,000Works Overheads 320,000Office Expenses 189,000The total number of direct labour hours were 200,000 involving 80,000 machine hours.I. Calculate the percentage on direct wagesII. Calculate the productive labour hours rateIII. Calculate the machine hour rateThe following data were taken from the records of Larkspur Company for the fiscal year ended June 30, 2025. Raw Materials Inventory 7/1/24 Raw Materials Inventory 6/30/25 Finished Goods Inventory 7/1/24 Finished Goods Inventory 6/30/25 Work in Process Inventory 7/1/24 Work in Process Inventory 6/30/25 Direct Labor Indirect Labor $57,500 41,500 96,300 22,100 21,300 28.200 142,650 26,760 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $29,900 4,900 17,000 31.100 8,550 561,300. 4,300 65,100 9.610 1,500 99,400 42.100The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of over- (under-) applied overhead is a.(P1,500) b.P10,500 c. P1,500 d.(P10,500)
- The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of indirect materials in the factory overhead account is a.P7,500 b.P12,000 c.P18,000 d.P4,500Gensource Company provided the following information from its accounting records for 2021: Estimated production 60,000 labor hours Actual production 56,000 labor hours Estimated overhead $1,800,000 Actual overhead $1,740,000 How much is the predetermined overhead rate if the Company bases it on direct labor hours? Select one: O a. $29.00 per hour b. $32.14 per hour c. $30.00 per hour d. $31.07 per hour